Costco Wholesale Corp (NASDAQ:COST) shares are climbing Tuesday, extending their strong run and hitting a new all-time high of $1,096.50. Here’s what you should know.

Oppenheimer Price Target Hike

The move comes after Oppenheimer analyst Rupesh Parikh raised its price target on the stock to $1,160 from $1,100 while maintaining an Outperform rating.

The firm also kept Costco at the top of its preferred list heading into the company's May 28 earnings report, according to Investing.com.

Oppenheimer acknowledged that fuel related margin pressure could create a modest earnings per share miss in the upcoming quarter, but the firm emphasized that Costco's value proposition across its omni channel and fuel businesses continues to support strong market share gains. The firm also noted the possibility of a special dividend or a stock split, which added to the bullish tone.

Costco’s Chart Says Strong Trend, Stretched Price

Technically, Costco is extended above its major trend gauges, trading about 7% above the 20-day SMA, 8.4% above the 50-day SMA, 10.9% above the 100-day SMA, and 13.8% above the 200-day SMA. That's classic "strong trend, stretched price" behavior: the structure is bullish, but the rubber band is tight.

The moving-average stack is doing bulls a favor. The 20-day SMA is above the 50-day SMA, and the golden cross that triggered in March (50-day above 200-day) continues to reinforce the longer-term uptrend. The near-term question is whether the stock can keep climbing without needing a breather, and the momentum gauge is flashing that this is where patience gets tested.

RSI is at 71.70, a level that signals the move is getting stretched and can be prone to pullbacks or sideways digestion even if the bigger trend stays intact. Readings above 70 often mean upside can slow unless fresh demand shows up, which puts extra emphasis on where buyers might defend the trend if the stock cools off.

Key support sits at $985, a nearby level where buyers previously stepped in, sitting close to the 100-day SMA/EMA zone that often acts like trend support in strong uptrends. If Costco is going to "digest" rather than "break," that neighborhood is the line investors will keep circling.

COST Shares Are Trending Higher

COST Price Action: Costco shares were up 1.13% at $1088.67 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to Benzinga Pro.

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